Currency pair Euro/Dollar EUR/USD continues to move as part of the growth and development of the bullish channel. Moving averages indicate a short-term bearish trend for the pair. Prices are again testing the area between the signal lines, which indicates pressure from the sellers of the European currency and a potential continuation of the fall in quotations from the current levels. At the time of the publication of the forecast, the Euro/US Dollar rate is 1.1905. As part of the Forex forecast for April 9, 2021, we should expect an attempt to develop a downward correction and a test of the support level, which is located on the pair near the 1.1865 area. Further, an upward rebound and a continuation of the rise of the Euro/Dollar currency pair. The potential target of such a movement on FOREX is the area above the level of 1.2010.
EUR/USD Forecast Euro Dollar April 9, 2021
An additional signal in favor of raising the EUR/USD quotes will be a test of the lower boundary of the ascending channel. The second signal will be a rebound from the support line on the relative strength index (RSI). Cancellation of the option of raising the quotes of the Euro/Dollar currency pair will be a fall and a breakdown of the level of 1.1765. This will indicate a breakdown of the support area and continued fall into the area at the level of 1.1475. It is worth waiting for confirmation of a rise in the EUR/USD currency pair with a breakdown of the resistance level and closing prices above the level of 1.1935.
EUR/USD Forecast Euro Dollar April 9, 2021 assumes the development of a correction and a test of the support area near the level of 1.1865. Where can we expect a rebound and an attempt to continue the rise of the pair to the area above the level of 1.2010. A test of the trend line on the relative strength index (RSI) will be in favor of the growth of the currency pair. Cancellation of the option to raise the EUR/USD pair will be a fall in quotations and a breakdown of the level of 1.1765. This will indicate a breakdown of the support area and the continuation of the fall of the currency pair on Forex to the area below the level of 1.1475.
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